Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Willis Towers Watson plcGlobal Credit Research - 07 Apr 2021New York, April 07, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Willis Towers Watson plc ("WLTW") and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 1 April 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.WLTW's Baa3 senior debt rating reflects its global market presence; diversification across clients, products and regions; and improving free cash flow. Tempering these strengths are financial leverage and interest coverage metrics that have been weak for the company's rating category along with potential liabilities from errors and omissions in the delivery of professional services. WLTW's proposed merger with Aon plc will give the combined group a stronger global market presence and broader product capabilities partly offset by execution and integration risks. The parties aim to complete the merger in the first half of 2021, pending regulatory approvals.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Insurance Brokers and Service Companies published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Bruce Ballentine Senior Analyst Financial Institutions Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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